The National Agency for Food and Drug Administration and Control, NAFDAC says it has developed methods to assist Micro, Small, and Medium-Sized Enterprises (MSMEs) in surviving the financial consequences of the elimination of fuel subsidy.
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This was said in a statement released to media on Monday in Abuja by Olusayo Akintola, a media consultant for NAFDAC, and signed by the agency’s director-general, Mojisola Adeyeye.
The new set of tactics, according to Adeyeye, was designed to make it easier for MSMEs to do business in Nigeria by helping them weather the financial blow of the loss of gasoline subsidies.
In a swift reaction to the current circumstances, the agency, according to Mrs. Adeyeye, has evaluated downward the current administrative charges for late renewal of NAFDAC-regulated items in an effort to improve the business climate and attract investment.
“This translates to a 65 per cent decrease in processing fees for the renewal of registration for locally manufactured products (which will be N44,200).
“This is against what is currently charged and 45 per cent of the processing fee for foreign products (which will be $ 450) as against what is currently charged,” she added.
The director of NAFDAC went on to say that the organization’s approach involved “providing practical and active support to new MSMEs in addition to offering succour and assistance to existing MSMEs.”
This will ensure that the growth of the sector is not discouraged by the current economic trauma.
She stated that NAFDAC, as a regulatory body, was ready to support MSMEs and other companies that were prepared for the exciting and inventive times ahead, adding that the agency was in the right place at the right time.
The Director General (DG) characterized the NAFDAC palliatives for MSMEs as a deliberate and strategic reaction to the current circumstances, noting that those were signs of the organization’s new spirit and a taste of the assistance provided to MSMEs during difficult times.